Gide’s Casablanca office, alongside law firm Yulchon, have advised South Korean alloy-wheel manufacturer Hands Corporation, fifth producer worldwide, on concluding an investment agreement with the Kingdom of Morocco to design, finance, develop and operate a new manufacturing plant to be located within the Tangier Free Trade Zone in Morocco.
Through this investment of approximately 350 million euros, Hands Corporation aims at gradually increasing its capacity in two phases, 2019 and 2024, up to a global production capacity of approximately 21.5 million wheels per year (11.5 million in Korea and 10 million overseas), placing it in the world’s Top 3 alloy-wheel producers.
Partner Wacef Bentaibi commented: “This transaction illustrates the attractiveness of Morocco as the new automotive hub in the region. Gide Casablanca was the first firm to assist automotive investors in Morocco, and has now developed a leading practice covering all aspects of these projects (foreign investments, complex industrial agreements, corporate, real estate, financing.)”.
Gide’s team assisting Hands Corporation in Casablanca was headed by partner Wacef Bentaibi.
The Kingdom of Morocco was assisted by Allen & Overy (Casablanca office).